Northeast

Garden-State-Logistics-Center-Pennsville-Township

Affinius Capital Provides $180M Construction Loan for Southern New Jersey Industrial Project

by Taylor Williams June 13, 2023

PENNSVILLE TOWNSHIP, N.J. — Affinius Capital, which is a joint venture between San Antonio-based USAA Real Estate and New York-based Square Mile Capital Management, has provided a $180 million construction loan for Garden State Logistics Center, a 1.7 million-square-foot industrial development in Pennsville Township. The 282-acre site is located in the southern part of the Garden State along I-295 and adjacent to the Delaware Memorial Bridge. The development will feature separate 1.2 million-square-foot and 500,000-square-foot distribution buildings, both of which will feature 40-foot clear heights and a total of 2,568 car and trailer parking stalls and 276 dock doors. The borrower and developer is a joint venture between PGIM Real Estate and CTR Partners. Delivery is slated for the fourth quarter.

June 13, 2023

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Brokers $21.5M Sale of Northern New Jersey Office Complex

by Taylor Williams June 13, 2023

MORRISTOWN, N.J. — Cushman & Wakefield has brokered the $21.5 million sale of Morristown Plaza, a 122,103-square-foot office complex in Northern New Jersey. The development consists of two buildings on a 3.9-acre site. Gary Gabriel, David Bernhaut, Frank DiTommaso, Bill Baunach, Maia Sirabian, Andy Schwartz, Jordan Sobel and Andre Balthazard of Cushman & Wakefield represented the seller, The Silverman Group, in the transaction. The buyer was Pentaurus Properties. The property, which was 92 percent leased at the time of sale, offers a fitness center, café and conference facilities.

June 13, 2023

Acquisitions New York Northeast Retail

Marcus & Millichap Negotiates $8.1M Sale of Upstate New York Shopping Center

by Taylor Williams June 13, 2023

NIAGARA FALLS, N.Y. — Marcus & Millichap has negotiated the $8.1 million sale of Pine Plaza, an 87,093-square-foot shopping center located in the upstate New York community of Niagara Falls. Anchored by Office Depot and Planet Fitness, the center was 83 percent leased at the time of sale. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, an Atlanta-based private fund, in the transaction. The trio also procured a locally based private investor as the buyer.

June 13, 2023

Acquisitions Hospitality Northeast Pennsylvania

Hamister Group Acquires 104-Room Hilton-Branded Hotel in Newtown, Pennsylvania

by Taylor Williams June 13, 2023

NEWTOWN, PA. — Hamister Group, an investment firm based in Buffalo, has acquired a 104-room hotel in Newtown, located northeast of Philadelphia, that is operated under the Homewood Suites by Hilton brand. Built in 2010 and renovated in 2018, the hotel offers an indoor pool, fitness center, business center and meeting and event space. The seller and sales price were not disclosed.

June 13, 2023

Development Multifamily New Hampshire Northeast Seniors Housing

Capitol Seniors Housing Opens 87-Unit Complex in Evesham Township, New Jersey

by Taylor Williams June 13, 2023

EVESHAM TOWNSHIP, N.J. — Capitol Seniors Housing has opened Arbor Terrace Marlton, an 87-unit complex in Evesham Township, located in Southern New Jersey’s Burlington County. Designed by Philadelphia-based architecture firm Meyer and built by IMC Construction, the property offers 60 assisted living units and 27 memory care residences. Amenities include a theater, bistro, salon, lounges, shared and private dining rooms and an outdoor garden. Rents start at $6,850 per month for an assisted living studio.

June 13, 2023

Loans Northeast Pennsylvania Retail

Prestige Group Arranges $42M Refinancing of Shopping Center Near Philadelphia

by Taylor Williams June 12, 2023

HUNTINGDON VALLEY, PA. — Pennsylvania-based finance and advisory firm Prestige Group has arranged $42 million for the refinancing of The Marketplace at Huntingdon Valley, a 259,000-square-foot shopping center located on the northwestern outskirts of Philadelphia. Grocer Weis Markets and LA Fitness anchor the center, which was built on 49 acres in 1993. Other tenants include Starbucks, Fine Wine & Good Spirits, Bertucci’s, Rite Aid, Dunkin,’ GNC and Hair Cuttery. Bob Cohen of Prestige Group arranged the financing, which consisted of a $25 million senior loan and a $17 million junior loan, through two undisclosed regional banks. The borrower was also not disclosed.

June 12, 2023

Loans Multifamily New York Northeast

BHI Provides $29.2M Construction Loan for Queens Multifamily Project

by Taylor Williams June 12, 2023

NEW YORK CITY — BHI, a full-service commercial bank that is the U.S. division of Israel’s Bank Hapoalim, has provided a $29.2 million construction loan for an 81-unit multifamily project that will be located at 138-45 Jamaica Ave. in Queens. About a third of the units will be reserved as affordable housing, although specific income restrictions were not disclosed, and the seven-story development will also include retail space. The borrower was an entity doing business as ZDJ Jamaica LLC. Completion is slated for the first quarter of next year.

June 12, 2023

Acquisitions Hospitality New York Northeast

Quadrum Global Acquires 147-Room Hotel in Brooklyn’s Williamsburg Area

by Taylor Williams June 12, 2023

NEW YORK CITY — Quadrum Global, the parent company of boutique hospitality brand Arlo Hotels, has acquired a 147-room property in Brooklyn’s Williamsburg area that was formerly operated as The Williamsburg Hotel. Upon rebranding, the hotel will be the fourth in New York City to operate under the Arlo brand. The eight-story hotel includes eight suites, a 10,000-square-foot rooftop pool and lounge and additional onsite food-and-beverage options. The opening of the rebranded hotel is slated for September.

June 12, 2023

Acquisitions Industrial New Jersey Northeast

Colliers Brokers Sale of 106,528 SF Industrial Property in Woolwich Township, New Jersey

by Taylor Williams June 12, 2023

WOOLWICH TOWNSHIP, N.J. — Colliers has brokered the sale of a 106,528-square-foot industrial property in Woolwich Township, located in the southern part of the Garden State. Regional investment firm Faropoint sold the asset to an affiliate of DH Property Holdings for an undisclosed price. Marc Isdaner and Ian Richman of Colliers brokered the deal. At the time of sale, the property was fully leased to Diversified Industries, a provider of foam and adhesive products.

June 12, 2023

Acquisitions Connecticut Healthcare Northeast

Jacobson Properties Negotiates $15.2M Sale of Healthcare Property in Danbury, Connecticut

by Taylor Williams June 12, 2023

DANBURY, CONN. — New York-based brokerage firm Jacobson Properties has negotiated the $15.2 million sale of Western Connecticut Medical Center South, a 39,566-square-foot healthcare property located in Fairfield County. An affiliate of Connecticut Eye Consultants leases the entire medical office building. An entity doing business as Western Connecticut Medical Center South LLP sold the asset to an undisclosed institutional investment firm. Lisa Menin of Jacobson Properties brokered the deal.

June 12, 2023

Newer Posts

Older Posts

Upcoming Events

Sep
30